August 18, 2023 10:45 ET | Source: Precedence Research Precedence Research
Ottawa, Aug. 18, 2023 (GLOBE NEWSWIRE) -- The global clinical chemistry analyzers market size was valued at USD 14.63 billion in 2022. The advancement of the technologies behind clinical chemistry analyzers, an increase in the number of people worldwide who are getting older, advances in point-of-care testing technology, and the growing allure of laboratory mechanization are the main factors contributing to the growth of the global clinical chemistry analyzers market. The research provides a thorough analysis of the market's key segments, trends, drivers, restraints, competitive environment, and other important elements. Idexx Whole Blood Separator
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The region is anticipated to maintain its leadership during the projected period. North America now accounts for the greatest portion of the global market. Due to the continued necessity for routine diagnostic procedures, there is expected to be a considerable need for clinical chemistry analyzers. The rising prevalence of diseases like cancer and diabetes, aging populations, and increased public awareness of preventative medicine make such a technique necessary. In addition, rising demand for more pricey automated clinical chemistry systems is anticipated to support market expansion.
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An increase in the number of chronic diseases is expected to contribute to the expansion of the market. The report of GLOBOCAN 2020 estimates that approximately 19,292,789 new suspects of cancer will arise worldwide by 2020. Around 2040, the number of cases is expected to increase to 28,887,940 instances, as per estimates. Additionally, according to the International Diabetes Federation's Tenth Diabetes Atlas Edition 2021, there were 537 million individuals with diabetes worldwide in 2021, according to projections, there will be 643 million people in the world by 2030 which will be 783 million by 2045.
Additionally, the market is experiencing an expansion probably by the product launches of the key market competitors. The point-of-care (POC) i20 fluorescence-based chemistry analysis system and CO-OX blood gas, for example, was launched by EDAN Instruments, in July 2022. It could examine around 45 parameters, ranging from blood gases to electrolytes to CO-oximetry. These product introductions are estimated to boost the market's expansion during the forecast period.
Clinical chemistry analyzers' technological advancements come at a high cost. As clinical analyzers become more automated and integrated, analyzer prices are rising. High-priced devices are unaffordable for laboratories. Therefore, tools that are affordable and simple to use are required. High instrument costs can lead to higher testing costs, which could limit the growth of the global market for clinical chemistry analyzers over the forecast period. The increasing number of patients suffering from chronic diseases has boosted the number of laboratory tests that are carried out all over the world. This has also boosted the demand for skilled laboratory technicians and assistants.
The gap which has been created by the absence of pathologists and laboratory technicians globally has emerged as one of the major restraining factors for the growth of the clinical chemistry analyzer market. The absence of skilled technicians and pathologists hinders the results that are obtained from the laboratories. This flaw in the system hampers the final treatment of the patients. These factors have hindered the growth of the market.
It is projected that the market players will benefit greatly from the implementation of advantageous government initiatives, programs, and finance that assist the growth of labs and diagnostics. The market is estimated to have several expansion opportunities throughout the projected period because of the aforementioned factors, raising market size. Management of chronic diseases will help to generate new opportunities for the clinical chemistry analyzers market. Multiple prescriptions are provided by doctors for conducting various laboratory tests that will help to produce a suitable diagnosis for the patient. An increasing number of blood tests for confirmation of the diagnosis helps the market to record a considerable revenue. The increasing trend of preventive medicine will also emerge as a great opportunity for the market.
Additionally, it is predicted that increasing government programs and financing for preventative care will present chances for the development of the clinical chemistry analyzer market in the upcoming years. In order to conduct various research and development programs, huge investments are required to be made by the key market players. The market faces a great challenge where the developing and underdeveloped nations are concerned. The individual practitioners, physicians’ offices and most of the small laboratories cannot afford such analyzers, which proves to be a challenge for the growth of the market. The high cost associated with the research and development programs of clinical chemical analyzers emerges as one of the major challenges for the growth of the market in the long run. The lack of skilled technicians and laboratory assistants has hindered the growth of the market to a great extent.
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